Moscow-International Energy Agency chief economist Fatih Birol said February 3 he was more concerned about the impact of high oil prices on the global economy than about a closure of the Strait of Hormuz, which he said was unlikely. Birol, speaking to Platts on the sidelines of a Moscow conference, said he feared high oil prices would have a similar effect as they had in 2008, when the world economy dived into recession, and that they would create major trade imbalances in Europe and other regions.
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